The national average price for diesel fell 3.8 cents to
$2.189 for the week ending May 16, according to the Energy Information
Though that price represents several weeks in a row of
declines, it is still more than 42 cents higher than prices for the same week
California checked in with the highest prices, though even
there prices fell 8.6 cents to $2.432 per gallon. The rest of the West Coast
fell 8.4 cents to $2.397 per gallon.
The lowest average price was found in the Midwest, where
diesel came in at $2.129 per gallon, down 2.8 cents from the week before.
Meanwhile, the Rocky Mountain region posted an average of $2.267 per gallon.
Both the Lower Atlantic and Gulf Coast regions came in at
$2.141 per gallon, while the Central Atlantic posted an average of $2.315 per
gallon. New England came in at $2.38 per gallon, while the entire East Coast
averaged $2.204 per gallon.
Meanwhile, prices for light, sweet crude oil – from which
diesel is made – continued to fall on May 16, hitting a low of $47.60 per
barrel in daytime trading before bouncing back up above $48 per barrel.
Analysts credited the drop to the news that the Organization
of Petroleum Exporting Countries pledged to continue producing oil at nearly
full capacity in spite of ample stockpiles in the U.S.
Reuters reported that a number of OPEC’s member countries
said they would not make cuts in production despite the softening of the
Analysts also said that, though prices would continue to
drop for the short term, they could be expected to rise again as the summer
driving season gets under way later this month.